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SpaceX went public just a week ago, and Musk is already preparing to issue $20 billion in bonds.
Q1 net loss was $4.28 billion, revenue only $4.69 billion — losing more than earning.
Analysts estimate that by 2031, SpaceX's net debt could exceed $400 billion.
Some short sellers directly compare it to the 19th-century Union Pacific Railroad bubble: burning money building railroads → stock prices soaring → debt collapse.
Lessons for the crypto market:
① Don't ignore financial fundamentals because of "revolutionary narratives"
② Issuing large-scale bonds immediately after IPO = cash flow insufficient to cover expansion
③ The Musk concept (DOGE/SpaceX) linkage may weaken, don’t chase the highs #BTC #SpaceX #投资风险 #Crypto market